Sellers, check with your association to make sure that you have not lost your FHA status. This takes some work but worth the time.
FHA Approved Condo and Townhouse Projects
Updated, August 5 2010 2:54 pm: We’ve received many questions from our customers about purchasing condominiums. In order to assist you in making an informed decision, we have put together a free download, “Seven Pitfalls to Avoid When Buying a Condo,” for you, here.Additional update: Per HUD Mortgagee Letter 2009-46A, “Spot Loan” approvals on condominiums were eliminated, effective February 1, 2010. For more detailed information, read this. We at MyFHA believe that this change, combined with the new condo “concentration” guidelines (see item number ten) will mean that the HUD database will no longer be the most accurate way to guarantee that a unit “is” or “is not” FHA approved. After conducting our research, we believe that the most up to date information on whether a specific unit is FHA approved will be found at FHA Pros. We will continue to add updates as they become available.
When considering purchasing Condos or Townhouses these project must have already been approved by the FHA and HUD. There is no exception to this rule and it is advised that you start your search for approved Condo and Townhouse projects here. Searching for Condo projects in your town is very easy and only takes a few seconds. Also keep in mind that when searching for these projects the HUD page will only display approved condo or townhouse projects in that zip code or town, so it is suggested you first make a list of zip codes you would consider living in then search for projects. Search the HUD database for condos. This will open a new window where you can search. If you have a problem following the link disable your pop-up blocker.
Before you contact the FHA approved project please keep in mind it is very important to already be pre-approved. To obtain your pre-approval and have an FHA specialist call you please click here.
